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net -- net new jobs every month in the united states just to hold the unemployment rate where it is. and we've lost, perhaps, 8 million in the decade. so to claw back and actually have a total employment growth with rising labor income, in my view, i'm not as optimistic as michelle. >> a lot of people do feel if we start to see some job growth and if indeed the numbers match what your expectations are that the fed might move on interest rates. do you agree? >> well, i thing fed is going to be willing to tolerate faster growth as long as the inflation situation remains under control. you know, as david said, even with our optimistic employment numbers it's going take -- it's going to take years to get the unemployment back toward the level it was at before we went into this recession and as long as the unemployment rate is elevated and there's slack in the economy, the fed doesn't think inflation will be a problem. so they're going to stand, i are inclined to stand pat. i think they may be surprised and inflation isn't going to be as tame as they expect and as the economy improves, w
know where my money is, it's in all of the retailers here in the united states. but welcome to the "closing bell," everybody. i'm amanda drury. i'm standing in for maria bartiromo, where the dow, the s&p 500, both of them kicking off the year at 15-month highs. we'll have much more on the markets in just a moment's time. >>> first, though, our team is covering today's top stories. >> reporter: big pharma right out of the gate, but why did the stock of the company being bought take a tumble today? i'll have that story coming up. >> reporter: gives a cautious outlook on the u.s. economy and gives thanks to u.s. taxpayers. >> reporter: cable broadcasters and programmers are fighting over how much content is worth. time warner cable and noose corp may have worked out a deal but cablevision and scrips are still battling it out with hdtv and food network at stage. >> okay take a look at how we finished the day on the wall street, the final numbers, if my eyes don't servely bad low the dow is hitting 10583 with the gain of 1.5%. the nasdaq at 1.7% to the upside, 2308 is the score.
as techs and resources stocks weigh. and i'm mike huckman in the united states. the economy likely grew at the fastest pace in four years in the fourth quarter, but experts say don't start celebrating just yet. >> hello and welcome to today's program. i'm once again here at the annual meeting of the world economic forum in davos. maria will be joining us shortly, as well. we have a great guest list for you today. we'll be joined we the chief executive of bank of america, brian moynihan. we'll talk to christine lagarde, the french finance minister. we'll be joined by lord mannedelson, amongst a whole host of other guests. we'll be joined by the ceo of china mobile. but before all of that, there's plenty we need to bring you to. christine, over to you. >> hey, ross, good to see you in davos. let's do a quick view where asian markets are trading today. we have earnings in the u.s. are failing to disappoint. they hit some of the tech sector stocks here in asia. of course, we have those concerns about greece and portugal and that seems to be weighing on sentiment, as well. the hang seng off
of the united states. crude oil closing below $81 a barrel. coming up, the outlook for the biotech interest with an exclusive interview with gilead ceo john martin. and hyatt hotels executive tom prisker on the state of the travel and leisure industry. the dow jones industrial average on the down side by 37 points, well off the lows of the afternoon to close down 0.3%. s&p down 10 points, 1136. nasdaq lost better than 1% to finished at 2282. more action from scott whopner. >> you could point to a number of different stories. add them together and the markets are under pressure today. started after the closie ining yesterday after the disappointing results from alcoa. material stocks under pressure throughout the day. i'm not just talking about aluminum stocks but steel and mining stocks under pressure as well. you see that move to the downside. down 11% for alcoa. look at the material stocks as well. the weakest performers in the market, you saw names like aluminum corp of china, nucor and freeport-mcmoran. sharply lower because of refining margins, exxonmobil, total and petrobras down. oil
going to haiti on saturday, is there -- what role should the united states, or could the united states play in helping the country's restructure politically and economically, or can the united states help in that? >> i think actually, only the united states can really do that. this is such a massive effort. obviously on the front end here, this is a humanitarian effort on a huge scale. and the coordination effort for that -- for humanitarian assistance will have to be led by the united states and the u.s. military as i think secretary clinton and i know that the obama administration is focused on. long term for economic development they will have to play the same role. i don't believe that?xmoney, yo know, that financial systems, and certainly we should you know try to get as much as we can, and i know that the haitians will be grateful for all of the financial assistance they get, but i don't think that will be the key. i think the key will be coordinating partnerships, both among the donors and with the haitian government. and i know that the people in the obama administration are tr
respected private business, revered private business more than we have now in the united states, that other nations have more pro-growth policies than we do, are more natural resource oriented than we are, less tax oriented, less exposure to budget deficits that we do here in america. remember the other night anna dark yoe jim hackett told us ghana and algeria are easier to deal with than the united states in doing business. algeria. read "savage war and peace," watch the. these are more investor friendly than the u.s.? if china is better than capitalist america, why shouldn't ghana be a hot bed of investment? what's safe for the united states? what's safer? we're going to talk about developed countries after the break. that's called a tease in tv speak. now i want to highlight the safest developing ones with terrific stocks to shock you -- that's right, i'm going to shock you out of your complacency. brazil, china and peru. that's right, you heard me. brazil, china and peru are all safe countries to put your money in. in many ways safer than the united states, because they do not favor a d
the business climate is better in those countries than it is in the united states. >> right. >> my question is if other countries are so much more attractive and business friendly than the united states currently, should we have even greater than 20% exposure to international? >> i waffle over this. 20% is foreign. 10% is gold. that leaves 70% for united states. i am not giving up on this country. we have a lot of great values. remember, many of the s&p stocks and most of the dow stocks are international companies. they will take advantage of exactly what you're talking about. 20% overseas is very high. probably the highest of any money manager i know. that's how far i'm going and not a percent further. i need to go to mitch in south carolina which i call carolina. mitch? >> got a big-time booyah from charleston, south carolina. >> go ahead. >> -- around $40 a share just before the recent push. currently up about 20% and definitely think the stock has more room to run. my question is around the fact that i bought fluor in '09 and don't think it's a trade i can turn into a long-term capital
here and to try to make it more amenable for companies like yours to create jobs in the united states? >> well, obviously, we're in the united states for the talent that is there and also the association with where our rnd departments are in new york state. new york state made it attractive years ago for us to look at that as a region to put manufacturing in place based on taxes, based on incentives, based on r&d. so the united states needs to keep focusing in on that and to leverage that innovation network that always has been there via the universities and the companies that are there. many of our major customers are based in the united states. many of the fabulous companies that we'll serve, many of the 150 -- >> do they need tax incentives, things like that? >> absolutely. tax incentives, making sure that we can have the best and brightest remain there and not leave our shores to go. but as a global company, we're in the united states, we're in europe, and we're in asia for the purposes to locate where our customers are, but also to have access to the best .brightest around the wo
'll be left behind. this problem is going to get solved, and it should be solved here in the united states. >> joe, realistic assessment. do you believe a cap and trade even after massachusetts and the climate we're in, focus on jobs, can actually pass and get to the president's desk this year? >> you know, listen, i think we sat and are surprised by a lot of things. i think we're going to be working on jobs, but i absolutely believe that it's incredibly important that they deal with this. i think if you come at it in a different way, the way the president did tonight, they'll have a lot more success. >> joe lockhart, tony fratto, rob nichols, anita dunn, thank you. >>> we'll see how the market votes tomorrow, john, but short of any big surprises in your view, that cuts a night for us. >> i think so. i think the markets are likely to see this as a continuation. thanks for joining us. see you tomorrow morning. >>> i'm jim cramer, and welcome to my world. >> you need to get in the game! >> firming are going out of business and they're nuts, nuts, know nothing. >> i like to see there's a bull
$3.5 billion to put up 100 new projects throughout the united states and 49 states and that's being matched by providers who are putting up another $4 billion. >> it can move the needle for you, right? >> the margins are very, very good. >> we think we are very, very early. before anybody was talking about smart energy. >> you also have an industrial business. i think there's a turnaround coming and you're in automotive. wire line infrastructure and satellite, medical, military and move the needle and it does. that's the broad based analog business. we developed certain core capabilities to do things in smartphones and in cellular telephones and we've then taken this i.p. and the intellectual property and looked to apply it in underserved markets and smart energy is a great example. if you break open a digital broadcast satellite, you see silicon devices and medical devices. so where we see an opportunity to do a customized i.c. it's not as big as the cell phone world. >> that's important. cell phone job, right? >> i didn't break up the three kindles that i got from friends because
in mexico city. i'm at a home depot in mexico city, significant because in the united states home depot has been surfing for years withing innive tiff same-story sales. here in mexico, positive same-store sales continuously for the last five years, in fact, mostly double digit sales? why? how? i sat down with frank blake, the ceo of home depot to ask him, why mexico? >> mexico, first, it's a large economy and it's on right. i think it's the 11th largest economy in the world. it's contiguous to the united states so it made a lot of sense from, you know, how we can support that business as it was growing and its connection back to the u.s. consumer. we obviously have a very large hispanic population in the united states and one of the -- one of the hopes and, in fact, reality is that we've grown in mexico is how its helped us back here in the u.s. >> how? >> well, a couple of examples that helps on product because, you know, consumers in mexico have some product deaf inity that then we can bring into the u.s. a small example would be on detergent. there's a detergent brand fabuloso that sells
place for the united states of america. >> i will point out the president and vice president will be in florida today as part of the announcement of $8 billion in recovery act money to go toward developing high speed rail. the president vowing not to abandon his health care overhaul despite the loss in massachusetts last week. a lot of people were sleeping in davos when the president was speaking, but i'm sure feedback is starting to trickle in. maria and ross have all the details from davos. >> hey, brian, good to see you. maria is joining us for the next couple of days. and it was 3:00 in the morning, that state of the union speech. but i know you were up watching it. >> i actually did watch it a little bit. i know you did. >> actually, then they repeated it. the president heard the american people's claims and the issue of putting jobs first. a number of people here are talking about that as well as talking about the possibility of future risks. one thing that keeps coming up is the risk of sovereign debt crises around the world. getting into that more to talk about the u.
's more alarming to global investors, the fact that the united states is going to make some extraordinary efforts to maybe reign in spending or this chinese story? >> i suppose in terms of how each of them is going to affect economies, clearly the news coming out of china is easier to understand in that respect and i suppose that means it's easier to understand what the impact on economies is going to be. the news coming out of the u.s. is clearly important. it's more difficult to know how that's going to affect markets. there was a lot of money that flowed into asian markets in the last nine, ten months and they were looking for an excuse to have a bit of a fall. >> peter, let's get into some of your strategy. what kind of businesses should investors be looking at at the moment? >> looking at our asian funds, it's -- you know, we've noticed a couple of we've noticeded a pattern over the last few years. what we've noticed is that in 2008, stocks had very high dividend payout ratios which tend to be companies that have fairly high dividend yield, outperforming significantly. and that was r
. >> thanks, mary. >> all right, mary. thank you. biggest business lobby in the united states today attacked the obama administration or nearly every business issue on its agenda and warned they will be out in force in the congressional elections. joining me now for a first on cnbc interview is tom donohue, chamber of commerce president. good to see you, sir. >> thank you. good to be here today. i want to jump in with the question that leaps out at me as you take apart a lot of government policy. is there anything that government does that you, at the chamber like, admire? >> absolutely. we appreciate their education program. we're working with them on the question of immigration. we supported their stimulus program. we helped them with the automobile business. we supported t.a.r.p. we're a supporter of many of the things they're doing to get out of this economic mess and our question is that we need to do two overriding things. one, create 20 million jobs in the next ten years and two, deal with uncertainty which is causing people in companies to wait and not hire. >> that principal uncerta
at the bit. quick. >> it will drive money into the united states. fuel are rally and strengthen the dollar. >> i got you. okay so tell strengthen the dollar over what sort of time frame? >> it will and the risk spread that people are talking about with the risk of corporate bonds going up, i don't see it in the market. bond prices are not falling. >> okay good last thought. catch you down the road. certainly a market ahead by 72 points. we have about 45 points to go. apple earnings obviously in focus coming right after the bell and texas instruments obviously going to be closely watched as well. >> that's right and apple shares are hire right now ahead of its first quarter earnings report but should you be buying or selling the stock ahead of those results? answers in just a moment. >> and banking analyst dick bove warns that the stock market could crash if president obama gets his way on financial reform. ee will tell us exactly why coming up. >>> and then coming up after the bell, cnbc is your home for earnings central. ow expert team will bring us instant analysis. those results from ap
, if you're a caterpillar for example, or united technologies. but pretty muted growth in the united states and primarily moving stocks around today. finally wanted to note, big volume in toyota motors as you would expect here. by the way, people who make that accelerator petal, cts, automotive parts suppliers they are working with toyota on that but that stock is down here today as well. scott, how are we looking on at nasdaq where i am sure it is all apple. >> good for about half of a percent or so. clearly as bob mentioned, though, the focus is on apple with the release of the ipad. take a look, shares are up 1.5% right now but some the speck, jim goldman in the next hour of the "closing bell," will give you a complete wrap of how steve jobs unveiled this device out in california, but nonetheless here it is, 1/2 inch thick. the big deal and the that the stock is now positive because it was negative is that cost down at the bottom starting at $499. in fact, take a look at an intraday chart, because as this thing was first announced it took a long time to get to what the price was going to
of the president himself. >> madam speaker, the president of the united states! [ applause ] >> at this point, the so-called escort committee, john, as you well know,ing will lead the president into the chamber. he'll shake hands with members, who as john pointed out not long ago, are very aware of where the cameras are placed. work his way to the center aisle. the president, of course, will begin his speech after being introduced formally. >> hey, joe, since we interrupted you before, let me ask you, were you ever in that scrum around the president? what's it like in that crush of people? >> i was in the ceremonial room, but once he got to the floor, that was too rough for me. i went back to the president himself. that sort of attention getting and affection i don't -- it was a little too dangerous. >> but joe and i were talking a bit about times we've been in the chamber for presidents. i actually have only been in the chamber for president clinton's state of the union address, not any of president bush's. but i think what's clear is it is a special moment when the president does come into
. but overall, still tough in the united states and europe. and the same situation with the united technology, china's resumed growth in both businesses. developed world still weak. boeing, an impressive quarter. very solid commercial revenues. people like that and although early ork the outlook was viewed as a bit disappointing. traders turned that around fairly quickly. melissa, back to you. >> all right, thanks so much. >>> and all of that, the dow and the s&p and the nasdaq all ended the day in positive territory. let's go to matt nesto. he's got some breaking news on qualcomm. matt, what do you. >> reporter: yeah the biggest company reporting in the after-hours about an $80 billion market cap and now 4%, 5% lower after coming in way first quarter earnings per share that was fine, 62 cents versus a 56 estimatep. revenue was light though. and that's beginning of the problems, folks. they reduced their second quarter and full-year estimates at $49 to $53 is what they see for the second quarter. that is at least four cents lower than a 57 estimate and their revenues look light as well in the
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. but none of the largest deals that were done during that period in the united states have gone bankrupt. if you take the 20 largest deals done in a bubble period, so-called, none of them have filed for bankruptcy. some of them have problems, but actually, they're being re structured and i think many of them will get good returns for their invest everies. >> is 2010 the year that private equity can build up and roll them back out? >> you'll see a lot of ipos this year. but he'll see a lot of strategic sales, sales of company to strategic buyers because they're back in the market, as well. and financial buyers will buy things from other financial buyers. so i think you'll see a fair amount of buying activity this year. >> joe is in the studio and he has a question, too. >> i love the general fighting the last war, david. that's so apt. and i can mention about five really well known pundits that are fienting the last war. and none of them actually make investments or run private equity firms, which it's easy to be that way if you actually don't have to, you know, be involved in the economy
of like everyone is talking about how the united states is slow. you made a very, very pointed comment in your conference call which just finished where you talked about that the u.s. is actually getting stronger. how can you explain the disconnect between what i heard last night in the president's state of the union about how things aren't so strong and all the doom and gloomsteres and your u.s. business is picking up here? >> jim, i think one thing is that technology is leading this recovery. and i don't think that's been true since the tech bubble burst back at the beginning of last decade. so i think there's pent-up demand for technology and we're seeing it. our i.t. business in america grew by double digits on a year on year basis. >> that's why i like tech and i'm going to keep pushing it. roy vallee, great to have you on here. you do have the pulse on this whole industry. thanks so much. those of you crying in your beer about qualcomm thinking it's all over, mr. vallee has a better handle on it than qualcomm who has no handle on it at all. i feel better. technology is leading us
right now, the united states, the nation that pioneered the use of clean energy, is being outpaced by nations around the world. it's china that has launched the largest effort in history to make their economy energy efficient. we spearheaded the development of solar technology, but we fallen behind countries, like germany and japan, in producing it. and in almost all of the batteries that we used to power our hybrid cars are manufactured in asia. though the steps like the one that we're taking today are beginning to produce more of these batteries here at home. now, i welcome and am pleased to see a real competition emerging around the world to develop these kinds of clean energy technologies. competition is what fuels innovation but i don't want america to lose that competition. i don't want the industry's that yield the jobs tomorrow that are built overseas. i don't want the technology that will transform the way we use energy to be invented abroad. i want the united states of america to be what it has always been, and that is a leader, the leader when it comes to a clean energy
in the united states and the earnings of the big companies that are about to report. in fact, i regard it as an inverse correlation. the more they fire here, the more money they make. and the hirer their stock goes. given that business is so bad in this country and better almost everywhere else, i believe companies will be penalized with lower stock prices if they hire here and will rally if they hire overseas where the growth is. what matters during earning season is less earnings, and right now joblessness equals profits. it's a fact. when it comes to this kind of thing, getting political, making judgments whether it's the congress' fault for making things so darn confusing and difficult for small business, or whether it's the rich moneybag bankers that shouldn't make their pay, maybe they're the problem. all of those things just obscure what we need to think about as investors, which is how much money companies are making from not hiring people. case in point, caterpillar. see that one today? stock folded $3.79. it was a stunning move. a stunning move. talk about a company that's la
the united states and then that they were recruiting operatives to do so. the intelligence community did not aggressively follow-up on and prioritize particular streams of intelligence related to a possible attack against the homeland. second, this contributed to a larger failure of analysis. a failure to connect the dots of intelligence that existed across our intelligence community and which, together, could have revealed that abdulmutallab was planning an attack. third, this, in turn, fed into shortcomings in the watch-list system in resulted in this person not placed on the no-fly list, thereby, allowing him to board that plane in amsterdam for detroit. in sum, the u.s. government had the information scattered throughout the system to potentially uncover this plot and disrupt the attack. rather than a failure to collect or share intelligence, this was a failure to connect and understand the intelligence that we already had. and that's why we took swift action in the immediate days following christmas, including reviewing and updating the terrorist watch list system, and adding more i
. the companies that are rallying are divorced. divorced from the united states. and they aren't paying any alimony or child support. now, when you're on one of these money political shows, when you're discussing the prospects of the president and the democrats, you have to focus on the impact of job losses. and you know what you got to say! scary, sad. and you think all of these companies are deadbeats! [ gunfire ] that aren't hiring, their profits should be garnished if they're not helping the costs. but this is not a political show. if you own shares in a company, you must hope that the company is doing everything it can to take its business overseas. and you're not thinking of adding anyone here, because it's too expensive. and not productive enough. in fact, it's worse. companies based in america have realized that it pays to fire, not hire. fire, not fihire. don't believe me? look at u.p.s., which i learned from my charitable trust. the stom jumped 2.5 cents today after being up since last friday. why a second-day rally? i think you have a second-day rally because it shows the company
. for four years running now home depot in the united states, negative same store sales. no surprise, right? with the housing crisis. here in mexico, double-digit same store sales increases nearly continuously. how is that possible? we're going to explain. (announcer) at the end of a year, about 95% of smokers who try to quit cold turkey will be unsuccessful. if you haven't been able to quit smoking, you haven't failed, maybe your method of quitting has. but you can do it. you may just need the right tools. clinical guidelines recommend treatment and support to improve your chances of quitting smoking. why not get all the help you can? make a plan, get support, and talk to your doctor about prescription treatment options that can help you quit smoking. and to find out more, go to rethinkyourquit.com his is onstar reporting a stolen blue chevy tahoe, south on i-75, near exit 5. we're on it. onstar, we may have that tahoe. ok, i'll flash the lights. we got it. it's in the clear. i'm sending a signal to cut the power. we got him. mr. ross, the police have recovered your tahoe. >>> welcome back
. this is a guy that's taken it up before. chris dodd ran for president of the united states and he moved his family to iowa for the caucuses to run for that office. it was a long, long, long shot race, but he was willing to take it on. this one also looked like it would be a long shot race and maybe with the death of his close friend ted kennedy. >> i think there may be self-sacrifice involved and democratic leaders are eager to hold the seat and they'll have a better chance with the attorney general richard blumenthal. we'll talk more about -- >> senator dodd has approached the microphone. let's listen to what he has to say. >> in the neighborhood with all these people gathered around. happy new year and good morning to everyone. every six years over the past three decades i've invited you to my home to seek re-election on the united states senate. on each of these occasions i've begun my remarks by observing that every important journey in life begins and ends at home. today is no exception. what is different about today, however, is not to announce the beginning of yet another campaign fo
. they beat, too. china's strength here, but generally weakness in the united states. boeing is down 1%. 2010 guidance disappointed the street overall. here is toyota which is going to be very busy this morning down 7% right now. trader talk.cnbc.com. scott, how we looking at the nasdaq? >> thanks so much. many of the big cap technology stocks looking positive in the premarket. apple the big story unveiling the tablet perhaps the worst kept secret in all of technology. nonetheless the shares are modestly higher ahead of that. amazon is up about 1%. a couple upgrades today. price target going from jani capital up from 1.60 to 2.35. yahoo up as well as wrulresultsn line. it sees positive revenue growth in the first quarter, the first time in six quarters yahoo achieves that. gilead is higher by 5% after better than expected results. united airlines on better than expected results as well. its parent company uaua is up about 3.5%. let's go to sharon at the nymex. >> oil prices are basically flat nearing the $75 mark as we wait for the energy department data on weekly petroleum supplies. the amer
with the united states trade representatives office have been very vigorous and very vigilant in enforcing our trade axwreemts with china. when we enter into agreement was china to allow chinese goods to come into the united states and american goods to go into china, we do so on the promise that both sides will abide by various conditions. and it is unfair for american companies if chinese companies are not abiding by those conditions. so we have increased our enforcement efforts and the sanctions against any and all goods and services coming from all countries, including china that do not abide by the rules. >> mr. secretary, there's some people out there that say that we are a little bit behind the eight-ball because china owns so much of our debt, they own so much in terms of u.s. dollar investments, that we cannot get tough with them because they might dump some of those investments. and others take the other side of this and say, you know what, they have no choice but to hold those things. if they dumb the securities, they lose out and we should be tougher. which one is it? >> well, i re
here in the united states. the nano unveiled at the auto show last night. we have reaction from there and mike jackson. then we talk earnings and the economy with two market pros. we'll get their stock picks and their economic outlook. >>> first carl has a look at the headlines. >> puts a little negative after rough action in asia. in fact, the roughest section for the asian markets in about seven weeks. a few head lynns, google is threatening to leave china. the tech giant warns it will no longer tolerate censorship of its search engine. google generated 53% of its $5.9 billion in third quarter revenue outside the u.s., although it doesn't disclose the size of its business in china. >>> the president will announce plans tomorrow to raise up to $120 billion from major financial firms to cover expected t.a.r.p. program losses. the news comes as public anger grows over big bonuses being paid out barely a year after the height of the global financial crisis. >>> thousands feared dead in the worst earthquake to strike haiti in more than 200 years. the quake toppled the presidential
airports in dealing with passengers on flights coming to the united states. we've seen some of that out of the news today already. i think the main point of the president's statement today is to out talking about this issue and getting the message straight on this so that they project that action is taking place and the president takes the issue seriously. >> that is a prescient point. the president and his team have been attacked in recent days on perhaps not being hard enough on the issue of security. what exactly are you hearing on the ground about that? >> mandy, i think the point here as tony alluded to, is to project an image of toughness and accountability for this president. this president came into 2010 with a whole plateful of political problems. the last thing he needs extends debate on surt and questions in the mind of voters playly getting ready for the elections. the steps have largely been taken. he will talk about what he heard in the meeting with advisers and cabinet members. it is saying he is sternly in charge of the situation. >> tony, even if he comes out with a lis
as the next united states senator, someone who has independent stances not based on party. my record is one of avoiding unnecessary taxes as well as imprudent spending. i am fiscally responsible. my record in the state legislature, which was some time ago but still relevant, was one of fiscal prudence. and i believe the top priority for the next connecticut senator is more jobs for the nation and economic revival, and that will be my priority, and it has been also in enforcing anti-trust laws, consumer laws, and i have done so vigorously and aggressively because i believe that small businesses are protected as well as consumers. >> what you hear, and these are among your opponents, to be sure. they say dick blumenthal as attorney general all these years was too good, that you brought too many lawsuits against businesses, that you committed too many regulations, that you supported too much tax increases in the connecticut legislature, and, in fact, an odd statistics not so odd. in connecticut, since 1991 -- that's a long time ago -- there has not been a single net new private job created. th
.4 trillion. who will support that to fail? only the united states government. there is no one else that can do it. too big to fail is being addressed. >> that's the safety net for lousy risk taking. that's my point. no one wants to go after that. >> some say, not me, but others say it does address too big to fail by breaking out the big banks and taking out the hedge fund and the prop desk. doesn't it break them down to size? james, what do you think? the size limits are coming later, but you know, really, do you want the government doing that? the better option is bankruptcy. >> right. >> if you want to create a special bankruptcy court with experienced judges built to handle only large financials where people could allow a citigroup or j.p. morgan should it happen to fail, that's probably a better way, but we do praise mr. obama today for now asking the right question. everything to this point from the administration and from congress has been about how do we make too big to fail bigger? how do we expand this universe from taxpayer bailouts? he's saying how do we limit it? james, they don
investment deals in infrastructure. in california, the united states, and in the developed markets around the world. infrastructure provides a lot of interesting opportunity, steady and inflation-protected return that will generate -- generate reasonable and safe returns over the long haul. look, we're, as you said, we're in the market all the time. our equity view is, the markets are going to continue to move up. but they're not going to go up as well as they did in 2009. we're overweight equity. maintain that position for a while. very interested in the developing and emerging markets in terms of the growth potential there. obviously a great year in 2009 but we still see further, better growth in those markets. in fixed income, we like corporates. treasuries for a while, and although things will turn when rates start to move up, whenever the fed takes that action. and in private equity, we're looking to put more money to work this year. something in the order of $3 billion in new investments, into private equity. and finally with respect to real estate, this has been really tough for us
to united states that has taken over the airport and the incoming relief supplies. then the u.n., which has taken over the dust bugz, they say there's still not a clear line of who is in charge and that has held up some of the relief supplies. but in answer to your question, yes, the eerm is coming up with better distribution systems and more of it is getting to the areas in need. overnight, a plane load of haitian or fans left here by airplane. a flight came in from pittsburgh and is now going back to pittsburgh with a number of or fans. the united states says it will temporarily accept haitian or fans for care within the united states. so the scene here continues to be one of -- where the search and rescue is going on. the living, obviously, the most important. there are so many bodies to be collected here, but the living, obviously key. finding those people, we're now at one week, who may still be alive. the search and rescue teams are out doing the best they can working off tips. people are saying, i heard someone in there. but no one at this point is giving up more hope that more peopl
for safety. but then, united states, saudi arabia of natural gas. a country that whatever problems you may have with the dictatorship, with the pelosi prolatariat in congress. we've been endorsing natural gas on this show for ages. it's the transition fuel that will allow us to gain energy independence from -- if not pro-terrorist regimes worldwide, but ones that i don't think we'd necessarily want -- it's not like they're canada. anyway, this will help fight global warming as it's 30% cleaner in terms of carbon emissions and oil, 40% cleaner than coal and could create a huge number of jobs especially if washington throws its weight behind the fuel. chesapeake announced a deal to bring natural gas into the jersey area next week. i like that. there's a recognition that the congress that blocks natural gas will be portrayed in the november elections as an enemy of job creation, an enemy of energy independence, and an enemy of cleaner air. if the democrats don't become a whole lot more friendly toward natural gas, you can bet the republicans will seize on this issue and grab a whole lot more
engineers to real engineers. there are so many parts of the industrial base in the united states that are ready and right to be deployed more sufficient there efficiently and yet not ready. >> clark, david, thank you very much. michelle, back to you. >>> ford had great news today. the car company report the its first profit in four years. at the same time rival toyota extended its massive recall to china and europe. cnbc's phil lebeau is in dearborn, michigan, with all of the details on the two companies. phil? >> reporter: michelle another, been three years since alan mulally took over in ford and in those three years he promised that eventually the company would get back in the blackwell it is back in the black. the earnfrgts fourth quarter, 17. cents better know that the street was expecting. revenue, about $2 billion than wall street was forecasting. for ford, this is proof that the moves that alan mulally made as ceo are paying off. here's what he had to say earlier today on "power lunch." >> the guidance we gave today, phil, was exactly that, that not only would be profitab
. i think the answer is software. this is where the united states leads the world. i'm talking about it in very broadly speaking, not just application and operating software, but there, too. we're talking about software in terms of boeing, aircraft, goods such as dishwashers and appliances and in terms of entertainment. look at silicon valley. look at what's going on there. twitter, linked in, yelp, zinga. that's where the innovation is going to continue. that's where we lead the world. and that's where the value is added. it's a positive for the united states. >> david, success stories in 2010 and beyond? >> i agree with andy. that would be on my list. two more. one is going to be mobile. the number of devices and the amount of power you have in the mobile device has grown extraordinarily in the last decade. it's going to keep growing. the second one is green. someone's going to find a way to make greener energy, electric cars or something. the global warming problem isn't going away. the anxiety about being dependent on oil from abroad is not going away. i think with some support f
the monthly international trade balance report tells us if the united states is importing or exporting more goods. on wednesday, the federal reserve's beige book will be released that measures the activity of regional economies across the united states. thursday we find out if retailers had a happy holiday after all when december's total retail sales will be reported. then on friday, a key inflation measure. the consumer price index is out. the cpi tracks the cost of consumer goods and services. and finally, sometimes even billionaires look for a little way to make a little extra cash. british industrialist and founder of virgin, richard branson, is renting his yacht. she will be available
and we're still trying to convince the white house as well that the united states sits on more natural gas energy than saudi arabia sits on oil. in fact the relationship is about 2 to 1, yet our fuel is much cheaper and cleaner as well. >> aubrey mcclendon, we appreciate it. >>> and p & g, the maker of tide detergent, we have this discussion about the scent of tide, and how a lot of people believe it is -- it is a special scent, and people pay a premium, because it is -- >> really? >> yes. >> i didn't know that, but then i don't spend a lot of time in the laundry room. >> our viewers e-mail in, and some say they know, and some port you to not doing laundry and others pick on you, and bring it on, everybody. >> i should do laundly just for defensive purposes so my clothes don't get sharunk. tlb ghosts of socks living in high house. >> i saw a story that said americans use way too much detergent, and their dingy and foul because we use too much. maybe they should stop selling that concentrated stuff. >> here are the dow supposed to be winners, jpmorgan chase flipped on us. now bank of am
and present to democrats of losing that 60th vote in the united states senate. now, as for the effect on health care, i think if the market is betting on health care to fail because of this, they're making a bat bed. democrats are so far down the road, one way or the other they're likely to get this over the finish line either as you suggested steny hoyer indicating two weeks to pass this bill before scott brown would be seated. that's one option. most of the people i talked to in the white house are skeptical that that is going to get done. but rather, they could have the house pass the senate bill, agree to fix it later in the view of the house, that's the more likely option. i do think issues like energy, financial regulation could be affected by this. look at the tone that the president obama took when he went to massachusetts over the weekend and listen for the signs of a sharp democratic turn to populism. >> but instead of taking the side of working families of massachusetts, mar than opponent's walking in lock step with washington republicans, opposing that feat, defending the
the very same things. they're figuring their governments may take some queues from the united states, as well. we'll be speaking from some ceos this morning to get their reaction to what the president had to say. but yesterday we got a chance to sit down with john mac, chairman of morgan stanley. you may know john mac. you may recognize that he is a southern gentlemen. he tends to not speak ill of anybody. he was supportive of hillary clinton when she was running for the presidency. but when we sat down and talked with him yesterday, he admitted where there are some areas where the government may be pushing things a bit far. listen in. >> i've been a big proponent that the regulatory framework is complicated. we fwheed to have one large systemic risk manager. we need to have connectivity on a global basis with other regulators. so there's a lot to discuss. and i think my concern is not so much overreaching, but not having a full dialogue back and forth on the pros and cons of any idea. >> now, as i mentioned, mr. mac is a southern gentlemen. he goes out of his way to speak very evenl
of history in the united states i'm told by speaker pelosi, but some people might not agree. >> and bill ritter, the governor of colorado announcing yesterday that he will not seek re-election. >> and another senator switching parties from democrat to republican and having his whole staff resign. >> there are some really red states. they are hearing stuff, they won't pick up the phones any more. >> like you said, anything can happen. it depends on where the economy goes, it probably depends on a lot of issues. but this is the early sign of some shake-ups that could come in 2010. >> and those are two guys that are on a lot that you're used to. >> there is some talk that if chris dodd lead, then jack reed will be in position to take over on the financial committee. >> also, house democratic leadership will head to the white house today. the group meeting with the president at 2:30 eastern time this afternoon, the democrats want to get a final health care bill to president obama's desk before the state of the union, so these are part of the negotiations along the way. >> get a check on the
's diabetes drug victoza. there's now a 5.1 billion market for diabetes drugs in the united states. >> let's turn to our task force to analyze the markets. gary cominutesky is our guest host. richard, our guest host, gary, says there's no more money to get into stocks at all. is that right? >> i don't think so. but earnings are going to be pretty good this year. $7 is the consensus. we think it could be closer to 80. after this market pulls back and you get some of the risk adjustment and money away from the spec laters, don't forget, we've had crowded overseas trades. once that works its way out, we think you can tell have 10% upside which could be like a 15 multiple on 80 bucks in earnings. >> but everybody is not fully invested right here? >> i think there is still plenty of cash. we took money off the table in emerging markets in the last couple of weeks and i think there's decent levels around. what are you going to do in fixed income? you can't high in fixed income. the 1046 year bond was down 10% last year. rates are going to go back up and money markets are playing nothing. people
their exposure to government bonds in britain and the united states, two of the most indebted countries. obviously coming on the heels of what was a terrible year. >> so they're continuing to can cut back. >> it sounds like it though of course treasuries were one of the weakest areas. >> all right. we're also getting a cold snap across much of the nation. that is impacting everything from oil to orange juice plus key data ahead. ism manufacturing and construction spending at 10:00 a.m. eastern time. both of course could move the markets. lets hit those markets now. we start with bob pisani at the big board. >> reporter: happy new year, everybody. a nice start to the year. highs of the day, futures up about eight points. european stocks up. oil is over $80. chinese manufacturing numbers are particularly strong here. let's talk about some companies. novartis says it is going to exercise an option to acquire a stake in the big eye care manufacturer. they already own 25%. once that deal is done looks like they'll bid for the remaining 23% of alcon. goldman sachs is raising price targets on
search giant would not affect their trade ties to the u.s. the united states has backed google's view of censoring on searches and has raised the issue on a diplomatic level though it's hard to do that since it's hard to confirm exactly what google is accusing the chinese of doing. >> yeah. i can be an administration official here. what do you find it? i find it -- >> troubling. >> -- troubling. i find it troubling. not really prepared to say anything, you know, they're kind of important and google is kind of important. if i had to find a word for it -- >> unfortunate? >> no, i'd go with troubling. >> unfortunate's too strong. >> unfortunate is like it's not anyone's fault. i'm more troubled than anything else. anyway, our guest host this morning -- exactly -- is john podes podesta, president and ceo of the center for american progress, former chief of staff under president bill clinton. and john, thanks for coming on. great to see you. we are going to focus exclusively on haiti when the president comes on. i'm not going to be able to ask him any of these, you know, these interesting
's right about where it was at the start of the crisis two years ago. moreover, the united states is still running very large trade deficits. if anything the dollar is still a bit overvalued with respect to the euro and the other key currencies. so it's simply fatuous on the part of sarkozy and others to say the dollar is weak. if there is any disequilibrium. and the chinese, themselves too weak and the dollar itself overvalued. >> would ahgree with that, that the dollar is overvalued against some of the currencies just mentioned? >> yeah i would agree actually with what fred said in terms of characterizing the dollar in general. looking overvalued in relation to the likes of the chinese renminbi. some other european currencies. it's not a huge surprise of course to see the likes of french politicians talking about the dollar being too weak. this is really nothing new. there's a perception that mercantilist policies are sometimes pursued in the u.s. but as fred rightly points out, the -- u.s. are not exactly great. that would in fact justify a weak dollar. >> indeed. a weak dollar is one t
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